Sukanya Samriddhi Account

Sukanya Samriddhi Account meaning Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child. The scheme of Sukanya Samriddhi Account came into effect via notification of Ministry of Finance. The notification details are Notification No. G.S.R.863(E) Dated 02.12.2014. Scheme will be governed by ‘Sukanya Samriddhi Account Rules, 2014’.

Opening Sukanya Samriddhi Account

Under this scheme a saving account can be opened by the parent or legal guardian of a girl child of less than 10 years of age (born on or after: 02-December-2003; For FY 2014-15) with a minimum deposit of ₹ 1,000/- in any post office or authorised branches of commercial bank.

List of Banks

List of Banks Authorized to Open account under Sukanya Samriddhi Yojana

1. State Bank of India (SBI)
2. State Bank of Patiala (SBP)
3. State Bank of Bikaner & Jaipur (SBBJ)
4. State Bank of Travancore (SBT)
5. State Bank of Hyderabad (SBH)
6. State Bank of Mysore (SBM)
7. Allahabad Bank
8. Andhra Bank
9. Axis Bank
10. Bank of Baroda (BoB)
11. Bank of India (BoI)
12. Bank of Maharashtra (BoM)
13. Canara Bank
14. Central Bank of India (CBI)
15. Corporation Bank
16. Dena Bank
17. ICICI Bank
18. IDBI Bank
19. Indian Bank
20. Indian Overseas Bank (IOB)
21. Oriental Bank of Commerce (OBC)
22. Punjab National Bank (PNB)
23. Punjab & Sind Bank (PSB)
24. Syndicate Bank
25. UCO Bank
26. Union Bank of India
27. United Bank of India
28. Vijaya Bank

Also all Post offices in India are authorized to open account under Sukanya Samriddhi Yojana

Required documents

• Birth certificate of girl child
• Address proof
• Identity proof

Interest

Under the scheme, an interest of 9.1 per cent is provided on deposited amount which is tax free.

Partial Withdrawal

Partial withdrawal up to 50 per cent of the account balance is allowed, only once after the girl child completes age of 18 years, for the purpose of financing her higher education.

Duration of the SSY account

The account will remain operative for 21 years from the date of opening of the account or till marriage of the girl child.

Features

• Per girl child only single account is allowed. Parents can open this account for maximum two girl child. In case of twins this facility will be extended to third child
• Minimum deposit amount for this account is ₹ 1,000/- and maximum is ₹ 1,50,000/- per year.
• Money to be deposited for 14 years in this account.
• Interest rate for this account is 9.1% per annum, calculated on yearly basis ,Yearly compounded.
• Interest rate is tied to 10 year Government of India Bond Yield, and will be 75 basis point higher than the respective year's bond yield.
• Passbook facility is available with Sukanya Samriddhi account.
• From FY 2015-16 the interest earned on account will be tax exempted. As per Finance Bill 2015-16.

Who can be ‘Guardian’ under this Scheme – In relation to a minor girl Child Guardian means (i) either father or mother; and (ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.

Scheme Change Table

Serial Number	Financial Year	Date Range	Interest Rate	Minimum Investment	Maximum Investment
1	2014-15	01/04/2014 to 31/03/2015	9.1 %	₹ 1,000/-	₹ 1,50,000/-

Sukanya Samriddhi Account Calculator

See Also

• Beti Bachao, Beti Padhao